Capital Losses from more than 3 years ago unclaimed
I had capital losses from 2014, 2015, and 2016, but here it is 2020 and I haven't claimed any capital gains or losses on my US tax returns since then. Is there anything I can do to get a benefit from this now?
I had about 80, 30, 30 loss for each of those years and I had no gains. I wanted to just save the capital losses for when I did have some gains (I had no gains until 2020 this year). The gains in 2020 are about 20k. Can I avoid claiming the 3000 against income and just carry forward everything year after year?
I was doing some research and I saw that
"You can amend a return at any time, but you can generally only claim a refund for up to 3 years from the date the return was due or 2 years from the date the tax was paid. "
Doing a little more research I see "The tax law says you have to use a capital loss before you're allowed to use a personal exemption." Does this mean I would be able to amend a return from 2014, 2015, 2016, even though the deadline is past to receive a refund for those years in order to update the carry forward after reducing it by 3000 in each of those years?
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I'd use Dave's comment/advice. Starting with 2014, create the amended return. Do it right, if there were no gains, 00 of the loss goes against ordinary income. The rest gets carried forward. Send it in, and they'll send a response that you are too late for that refund. Then file 2015 using the same process. You'll lose 00 of loss for each year that's 2018 or prior. K out of the 0K is unfortunate, but not tragic.
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